BUSINESS

NGX Index Rebounds By 0.13% As Cornerstone, Eterna, Meyer Add Weight

Trading on the Nigerian Exchange  rebounded on Wednesday, following renewed interest in a telecommunication player, MTN Nigeria, thus ending two consecutive sessions of losses.

Precisely, the All-Share Index increased by 0.1 per cent to close at 46,904.48 points as against 46.843.09 points at the previous tradings.

Accordingly, the Month-to-Date dropped 1.0 per cent, while the Year-to-Date increased by 9.8 per cent.

Specifically, the market capitalisation gained ₦33.08 billion to close at ₦25.279 trillion from N25.246 trillion recorded on Tuesday.

Performance across sectors was mixed, as the Insurance went up by 0.6 per cent and Oil and Gas  inched up by 0.3 per cent indices, while the Banking declined by 0.6 per cent and Consumer Goods dropped by 0.2 per cent indices. The Industrial Goods index closed flat.

As measured by market breadth, market sentiment was negative as 16 stocks gained relative to 17 losers.

Cornerstone Insurance and Ikeja Hotels led the gainers’ table in percentage terms increasing by 10 per cent to close at 66k and N1.32 per share.

Eterna Oil followed with 9.82 per cent to close at N5.48, while Meyer Phamaceutical added 9.09 per cent to close at 60k per share.

Chams gained five per cent each to close at 21k per share

Conversely, Cadbury shed 6.67 per cent to close at N8.40 while Japaul Gold trailed with 5.88 per cent to close at 32k per share.

PZ dipped 5.36 per cent to close at N10.60, while Royal Exchange dropped 5.22 per cent to N1.09.

Multiverse was down by 4.17 per cent to close at 23k per share.

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The total volume traded stood 201.28 million units, valued  N2.62 billion, and exchanged in 4,017 deals.

This is 6.1 per cent decrease from 214.328 million units, valued N1.759 billion in 4,125 deals achieved on Tuesday.

EcoBank Transnational Incorporated (ETI) shares had the highest in terms of volume during the day, exchanging 61.89 million shares valued N742.03 million.

Access Corporation  traded 29.47 million shares worth N294.92 million, while Zenith Bank with 15.84 million shares valued N361.8 million.

Fidelity Bank traded 11.372 million shares worth N9.81 million, while Transcorp sold 9.4 million shares valued  N102.92million.

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